White House Near Announcing Janet Yellen as Fed Chairwoman

More to come on this.

Source is Wall Street Journal.

Announcement could come as soon as Wednesday (US time) – some are now saying it could come Tuesday evening US time.

WSJ article out now: White House Nears Yellen Nomination as Fed Chief

President Barack Obama is preparing to announce that he will nominate Federal Reserve Vice Chairwoman Janet Yellen to become the central bank’s new leader in coming days, perhaps as soon as Wednesday.

• Yellen’s nomination is then subject to Senate confirmation
• The timetable for hearings and a vote is uncertain.